Alternus Clean Energy Inc (NASDAQ:ALCE, OTC:ACLEW) announced today its goal to relist its common stock on a major national exchange, such as Nasdaq or the NYSE, later this year.
The announcement follows the company’s recent transition to trading on the OTCQB market, a step that CEO Vincent Browne believes positions the company for renewed growth and investor confidence.
In a statement, Browne acknowledged that the firm’s delisting from Nasdaq was “disappointing,” but emphasized the steps toward recovery and “renewed growth” that Alternus has made in the interim.
“Before delisting, we completed several initiatives, including acquiring a provider of advanced energy storage solutions, a company with decades of experience delivering services to clients such as Amazon, Walmart, and NASA,” Browne told investors.
“We also reduced our debt by approximately $100 million and improved shareholder equity by around $45 million through strategic divestitures.
“These actions demonstrate our determination to rebuild investor confidence and position Alternus for relisting on a major exchange later this year.”
This expansion aligns with increasing market demand, as highlighted in the International Energy Agency’s World Energy Outlook 2024. The report forecasts a surge in global demand for advanced energy storage solutions, driven by the rise of digitalization and artificial intelligence.